Accenture and Al Faisaliah Group have completed the formation of a joint venture aimed at strengthening their IT capabilities in the Middle East. Accenture has now acquired a majority stake in the leading information technology services business Al Faisaliah Business & Technology Company (FBTC), a subsidiary of the Saudi Arabia-based Al Faisaliah Group. Plans to establish the joint venture were first announced on June 7, 2011.
The joint venture combines FBTC's enterprise architecture, systems implementation and technology consulting skills, with Accenture's broad management consulting, technology and outsourcing experience, industry depth, focus on innovation and global delivery capabilities. As a result, Accenture will be able to provide a comprehensive set of IT services and delivery capabilities to clients in the Kingdom of Saudi Arabia while implementing its global best practices and cutting edge technology solutions in that market. FBTC will be renamed Accenture and will become part of the Accenture global network.
"Establishing the joint venture is an important step to enhancing our capabilities and positioning Accenture as a leading technology services provider in Saudi Arabia," said Omar Boulos, managing director of Accenture in the Middle East. "We will now turn our focus to supporting the business goals of our clients and addressing the growing needs of companies in the market."
HRH Prince Mohammed K. A. Al-Faisal, President and CEO of Al Faisaliah Group, said: "The completion of this joint venture will provide organizations in the Kingdom with access to global best practices and industry leading solutions. We look forward to continuing to build upon the local Saudi workforce and to provide exciting employment opportunities for Saudi nationals."
Accenture is a global management consulting, technology services and outsourcing company, with approximately 236,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world's most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$25.5 billion for the fiscal year ended Aug. 31, 2011. Its home page is www.accenture.com.
About Al Faisaliah
Al Faisaliah is a leading regional business group based in the Kingdom of Saudi Arabia. Founded in 1970, Al Faisaliah operates in four core sectors: Agriculture & Food, Medical & Healthcare, Consumer Electronics, and Technology Infrastructure. The group employs more than 5,000 people, serving customers in 11 countries across the Middle East. Its home page is www.alfaisaliah.com.